The inventory turnover for Tango company are: 4.8, 5.3.
Using this formula
Inventory Turnover = Cost Of Goods Sold / ((Beginning Inventory + Ending Inventory) / 2)
20Y7
Inventory Turnover =$3,864,000 /($770,000+$840,000)/2
Inventory Turnover=$3,864,000/$805,000
Inventory Turnover=4.8
20Y6
Inventory Turnover = $4,001,500 /($740,000+$770,000)/2
Inventory Turnover= $4,001,500 /$755,000
Inventory Turnover=5.3
Therefore the inventory turnover for Tango company are: 4.8, 5.3.
The complete question is:
Financial statement data for years ending December 31 for tango company follow
20Y7 20Y6
Cost of goods sold $3,864,000 $4,001,500
Inventories:
Beginning of year 770,000 740,000
End of year 840,000 770,000
Determine the turnover for 20Y7 and 20Y6.
Learn more about inventory turnover here:https://brainly.com/question/18914383
#SPJ1
